HomeMy WebLinkAboutResolution 1990-003
RESOLUTION NO.
90-03
A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY HOUSING
FINANCE CORPORATION FOR THE USE OF THE PROCEEDS OF ITS SERIES
1990 SINGLE FAMILY MORTGAGE REVENUE BONDS TO FINANCE HOME
MORTGAGES FOR SINGLE FAMILY HOMES LOCATED WITHIN THE CITY.
WHEREAS, pursuant to the Texas Housing Finance Corporations
Act, Chapter 934, Local Government Code, V.T.C.A. (the "Act"),
the creation of the Tarrant County Housing Finance Corporation
(the "Corporation"), was approved by resolution of the
governing body of Tarrant County, Texas (the "County"), adopted
on the 14th day of April, 1980, to provide a means of financing
the cost of residential ownership and development that will
provide decent, safe and sanitary housing for residents of the
County at prices they can afford; and
WHEREAS, the Corporation has the power under the Act to issue
its bonds to defray, in whole or in part, the costs of
purchas ing 0 r funding the making of home mortgages, provided
that the aggregate principal amount of such bonds in any
ca lendea r yea r sha 11 not exceed the tota 1 of (a) the costs of
issuance of such bonds, any reserves or capi talized interest
required by the resolution or resolutions authorizing the
bonds, p Ius any bond disscounts, and (b) the largest of (i)
$20,000,000, (ii) a figure determined by multiplying $150 times
the population of the County as determined by the Corporation's
rules and regulations, resolutions relating to the issuance of
bonds, or financing documents relating to such issuance, or
(iii) an amount equal to 25 percent of the total dollar amount
of the market demand for home mortgages during such calendar
year as determined by the Corporation's rules or regulations,
resolutions relating to the issuance of bonds, or financing
documents relating to such issuance; and
WHEREAS, ln accordance with the Act the Corporation is not
permitted to provide financing of home mortgages for homes
which are located within a municipality with more than 20,000
inhabitants as determined by the Corporation's rules,
resolutions relating to the issuance of bonds, or financing
documents relating to such issuance, unless the governing bOdy
of the municipality approves the application of the Act to the
property located within the municipality; and
WHEREAS, the Board of Directors of the Corporation has
requested the approva 1 of the governing body of the Ci ty of
North Richland Hills, Texas (the "City") to provide financing
for home mortgages for homes within the City with the proceeds
of the issuance of the Corporation's proposed Series 1990
Single Family Mortgage Revenue Bonds (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF NORTH RICHLAND HILLS, TEXAS:
SECTION 1.
SECTION 2.
SECTION 3.
SECTION 4.
That the preambles to this Resolution are hereby
adopted in their entirety and incorporated herein
as though set forth in full herein.
The governing body of the City hereby approves
the application of the Act to the property within
the Ci ty and grants its approval to the
Corporation for the use of proceeds of the bonds
to finance home mortgages for single family homes
located within the City.
To indicate the
this program, a
forwarded to
Department.
City's desire to participate in
copy of this Resolution will be
the Tarrant County Planning
This Resolution shall be effective from and after
its passage.
PASSED AND APPROVED this 22nd of January
ATTEST:
, 1990.
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Mayor
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APPROVED AS TO FORM:
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Attorney
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